Saudi Steel Pipe board nods to subsidiary liquidation

04:39 PM (Mecca time) Argaam
Logo ofSaudi Steel Pipe Co.

Logo of Saudi Steel Pipe Co.

Saudi Steel Pipe Co.’s board, in a meeting held today, Feb. 19, approved the start of the voluntary liquidation procedures wholly-owned subsidiary, Titanium & Steel Manufacturing Co. Ltd., with SAR 32 million capital.

 

The board also nodded to the appointment of a liquidator, pursuant to the Companies Law and its implementing regulations, the company said in a statement to Tadawul.

 

The transaction aligns with the company’s focus on core tubular and services businesses for the oil & gas and the industrial & construction applications.

 

Saudi Steel Pipe also expects the related financial impact to be immaterial after being consolidated its income statement upon the transaction’s completion.

 

According to Argaam’s data, Saudi Steel Pipe announced in March 2021 that its subsidiary Titanium & Steel Manufacturing Co. entered into a final agreement to sell its main operating assets to Koch Chemical Technology Group Saudi Arabia, in a deal worth $9.7 million (SAR 36.3 million).

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